PRESIDENTIAL BACKING: Xi Jinping, president of the People’s Republic of China, has said the country needs to “seize the opportunity” afforded by blockchain technology. Speaking on Thursday in Beijing, Xi said blockchain technology has a wide array of applications within China, listing topics ranging from financing businesses to mass transit and poverty alleviation. “We must take the blockchain as an important breakthrough for independent innovation of core technologies,” Xi told committee members. Full story
QUANTUM THREAT? After a month of speculation, Google announced that it has built and tested a 54-qubit quantum processor called “Sycamore.” The processor was able to perform a complex computation in 200 seconds that the firm claimed would take “the world’s fastest supercomputer 10,000 years.” But with quantum computing said to have the potential to bust current methods of encryption, what does the advance mean for crypto? Full story
ETH-ONOMICS: As ethereum undergoes a major upgrade in 2020, how might the economics of the second-largest blockchain begin to shift? Dubbed Ethereum 2.0, the next phase will be based on a proof-of-stake consensus protocol, meaning transactions will be processed and validated by users who stake wealth as opposed to miners who expend energy. New analysis of the economic model behind ethereum 2.0 suggests validators can expect to earn 4.6–10.3 percent in annualized rewards at the start. Full story
ENTREPRENEUR ARREST: Polish police have arrested Ivan Manuel Molina Lee, president of Crypto Capital, on accusations of money laundering. According to reports, the crypto entrepreneur was extradited to Warsaw under police escort. Polish authorities claim that Molina Lee is wanted in Poland for laundering up to 1.5 billion zloty or about $390,000,000 including “for Columbian drug cartels using a cryptocurrency exchange,” with Bitfinex specifically cited. Crypto Capital also allegedly lost $850 million of Bitfinex’s funds, leading to a $1 billion token sale this year. Full story
FRANK DORSEY: Twitter will not be joining the Libra Association, according to its CEO. Jack Dorsey replied with a conclusive “Hell no” on the question of his firm’s potential membership of the Facebook-led crypto payments scheme at a New York City-based Twitter event. He explained that Libra is not based on an open standard, “born on the internet,” and as such: “It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.” Full story |
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| PRESIDENTIAL ADDRESS: Bitcoin prices shot up 12 percent Friday, climbing off a five-month low touched earlier this week, after Chinese President Xi Jinping said his countrymen should “seize the opportunity” afforded by blockchain technology. Bitcoin jumped 12 percent in the past 24 hours, reaching $8,392 as of 16:02 UTC (12:02 p.m. New York time). Earlier this week, the cryptocurrency touched $7,363, the lowest since May 18. Xi’s comments could boost sentiment toward digital assets in general, providing a positive market backdrop for bitcoin, said eToro’s Mati Greenspan. Full story |
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| | CITY IN SHUTDOWN: The IT network in Johannesburg, South Africa, is said to have been breached by a group called the Shadow Kill Hackers and all services have been switched off as a precaution. The group sent a ransom note to city staff saying they’d accessed all systems including stores of financial data, and demanding a payment of 4 bitcoin (worth US$30,000) by Oct. 28. According to local news site Business Day, if the payment doesn’t arrive, the hackers warned they will upload all the stolen data onto the internet. |
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